Inflation Reaccelerates in April as Energy, Shelter Costs Drive CPI Higher

The Consumer Price Index increased 0.6% on a seasonally adjusted basis in April, following a 0.9% rise in March, according to the U.S. Bureau of Labor Statistics. On a year-over-year basis, headline inflation climbed 3.8%. 

Energy prices were the largest contributor to the monthly gain, with the energy index rising 3.8% in April and accounting for more than 40% of the increase in the all-items index. Shelter costs also remained elevated, increasing 0.6%. 

Food prices moved higher as well, with the food index rising 0.5% in April. The index for food at home increased 0.7%, while food away from home advanced 0.2%. 

Core inflation, which excludes volatile food and energy prices, rose 0.4% in April. On an annual basis, core CPI increased 2.8%, up from the 2.6% pace recorded in March. 

Several categories posted notable monthly increases, including household furnishings and operations, airline fares, personal care, apparel and education. Meanwhile, prices for new vehicles, communication services and medical care declined during the month. 

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